- Fluidity Money is encouraging the use of blockchain tech by offering a cashback program.
- The program utilizes a new yield-generating method and rewards users with USDC and USDT.
- It is a collaboration of enterprise crypto payment app Request Finance.
DeFi Protocol Fluidity Money has announced the launch of a loyalty program that rewards customers for making payments with crypto. The program is a joint effort with enterprise crypto payment app Request Finance.
The goal is to provide an incentive for people to use their digital assets for payments, and to encourage more widespread adoption of blockchain technology. As Shahmeer Chaudhry, CEO of Fluidity Money, explained, “We wanted to collaborate with Request Finance to introduce a fun way of rewarding people for using stablecoins for payments”.
Crypto Cashback Rewards
The cashback program will allow businesses to earn rewards for integrating crypto payments. This is a great way to get people to use their stablecoins for payments, and to make the process more attractive.
Each time the sender or receiver uses the app, the cashback is activated. This removes the need for interchange fees, which would otherwise eat into the cashback amount.
Payouts will be distributed randomly, with the funds being sent to users’ wallets. The program currently supports payments in stablecoins USDT and USDC, but there are plans to expand to other loyalty offers and potentially add non-fungible tokens (NFTs). The type of NFT will determine the benefits.
How Does Fluidity Money Work?
Fluidity Money works with wrapped stablecoins, or what’s known as “Fluid Assets.” These liquid assets, such as USD, can be purchased using stablecoins such as USDC and USDT, which can then be deposited into the Fluidity Webapp. The rewards are generated by wrapping stablecoins.
To use stablecoins, an equivalent amount must be deposited into a smart contract. These agreements are then lent out to DeFi protocols to create yield. Smart contracts are audited by Bramah Systems, and can generate up to 80% of the yield, with the rest going to the cashback program.